Mullen Automotive (NASDAQ:MULN) Stock Price Down 15% Following Insider Selling

Mullen Automotive, Inc. (NASDAQ:MULN) dropped 15% during trading on Monday following insider selling activity. The stock traded as low as $3.41 and last traded at $3.41. Approximately 417,724 shares changed hands during trading, an increase of 13% from the average daily volume of 368,967 shares. The stock had previously closed at $4.01.

Specifically, Director John Kevin Andersen sold 174,500 shares of the stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $0.91, for a total transaction of $158,795.00. Following the transaction, the director now owns 9 shares in the company, valued at $8.19. This trade represents a 99.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John Kevin Andersen sold 13,334 shares of the stock in a transaction that occurred on Friday, January 26th. The shares were sold at an average price of $6.77, for a total value of $90,271.18. Following the transaction, the director now owns 5 shares in the company, valued at approximately $33.85. This trade represents a 99.96 % decrease in their position. The disclosure for this sale can be found here.

Mullen Automotive Trading Down 18.5 %

The firm has a fifty day simple moving average of $34.04 and a 200 day simple moving average of $402.89.

Mullen Automotive (NASDAQ:MULN) last announced its quarterly earnings results on Wednesday, February 19th. The company reported ($661.33) EPS for the quarter. Mullen Automotive had a negative net margin of 12,717.94% and a negative return on equity of 2,736.27%. The company had revenue of $2.92 million for the quarter.

Institutional Investors Weigh In On Mullen Automotive

An institutional investor recently bought a new position in Mullen Automotive stock. Virtu Financial LLC acquired a new position in Mullen Automotive, Inc. (NASDAQ:MULN) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 18,728 shares of the company’s stock, valued at approximately $59,000. Virtu Financial LLC owned about 0.34% of Mullen Automotive at the end of the most recent quarter. Institutional investors own 11.71% of the company’s stock.

Mullen Automotive Company Profile

Mullen Automotive, Inc, an electric vehicle company, manufactures, sells, and distributes electric vehicles. Its products include passenger electric vehicles and commercial vehicles; and provides solid-state polymer battery technology. The company is headquartered in Brea, California.